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Working Paper
Precautionary On-the-Job Search over the Business Cycle
Ahn, Hie Joo; Shao, Ling (2017-02-24)
This paper provides new evidence for cyclicality in the job-search effort of employed workers, on-the-job search (OJS) intensity, in the United States using American Time Use Survey and various cyclical indicators. We find that OJS intensity is countercyclical along both the extensive and intensive margins, with the countercyclicality of extensive margin stronger than the other. An increase in the layoffs rate and the deterioration in expectations about future personal financial situation are the primary factors that raise OJS intensity. Our findings suggest that the precautionary motive in ...
Finance and Economics Discussion Series , Paper 2017-025

Working Paper
The Decline of Drudgery and the Paradox of Hard Work
Kimball, Miles S.; Epstein, Brendan (2014-06-06)
We develop a theory that focuses on the general equilibrium and long-run macroeconomic consequences of trends in job utility. Given secular increases in job utility, work hours per capita can remain approximately constant over time even if the income effect of higher wages on labor supply exceeds the substitution effect. In addition, secular improvements in job utility can be substantial relative to welfare gains from ordinary technological progress. These two implications are connected by an equation flowing from optimal hours choices: improvements in job utility that have a significant ...
International Finance Discussion Papers , Paper 1106

Working Paper
Default Risk and Private Student Loans: Implications for Higher Education Policies
Simpson, Nicole B.; Ionescu, Felicia (2014-08-26)
The private market for student loans has become an important source of college financing in the United States. Unlike government student loans, the terms on student loans in the private market are based on credit status. We quantify the importance of the private market for student loans and of credit status for college investment in a general equilibrium heterogeneous life-cycle economy. We find that students with good credit status invest in more college education (compared to those with bad credit status) and that this effect is more pronounced for low-income students. Furthermore, results ...
Finance and Economics Discussion Series , Paper 2014-66

Working Paper
Taxes and Market Hours: The Role of Gender and Skill
Duval-Hernandez, Robert; Fang, Lei; Ngai, L. Rachel (2017-09-01)
Cross-country differences of market hours in 17 countries belonging to the Organisation for Economic Co-operation and Development are mainly due to the hours of women, especially low-skilled women. This paper develops a model to account for the gender-skill differences in market hours across countries. The model explains a substantial fraction of the differences in hours by taxes, which reduce market hours in favor of leisure and home production, and by subsidized care, which frees (mostly) women from home care in favor of their market hours. Low-skilled women are more responsive to policy ...
FRB Atlanta Working Paper , Paper 2017-8

Working Paper
Home Hours in the United States and Europe
Fang, Lei; Cara, McDaniel (2014-06-01)
Using data from the Multinational Time Use Study, this paper documents the trends and levels of time allocation, with a focus on home hours, for a relatively large set of industrialized countries during the past 50 years. Three patterns emerge. First, home hours have decreased in both the United States and European countries. Second, female time allocation contributes more to the cross-country difference in both the trends and the levels of market hours and home hours per person. Third, time allocations between the United States and Europe are more similar for the prime-age group than for the ...
FRB Atlanta Working Paper , Paper 2014-5

Working Paper
Family Welfare and the Great Recession
Hotchkiss, Julie L.; Moore, Robert E.; Rios-Avila, Fernando (2014-08-01)
The analysis in this paper provides estimates of family welfare losses generated by wage and nonlabor income declines experienced across the Great Recession and by labor market constraints existing postrecession. Welfare losses are greater as families (both married and single) move up the income distribution. Total static welfare losses are estimated to amount to roughly $190 billion, comparing family welfare between 2007 and 2011.
FRB Atlanta Working Paper , Paper 2014-10

Working Paper
Changes in family welfare from 1994 to 2012: a tale of two decades
Hotchkiss, Julie L.; Moore, Robert E.; Rios-Avila, Fernando; Trussell, Melissa R. (2014-12-01)
The female/male average wage ratio has steadily risen from 1983 to 2012. In earlier work, we found that the falling wage gap from 1983 to 1993 was materially detrimental to the average dual-earner family. The female/male wage ratio continued to rise over the following two decades, accompanied by a growing share of households in which the wife is the principal household income generator. This paper investigates how these two developments affected family welfare. Although family welfare rose during the 1990s, the story of the 2000s is quite different.
FRB Atlanta Working Paper , Paper 2014-26

Working Paper
Impact of first-birth career interruption on earnings: evidence from administrative data
Hotchkiss, Julie L.; Pitts, M. Melinda; Walker, Mary Beth (2014-11-01)
This paper uses unique administrative data to expand the understanding of the role women's intermittency decisions play in the determination of their wages. We demonstrate that treating intermittency as exogenous significantly overstates its impact. The intermittency penalty also increases in the education level of the woman. The penalty for a woman with a high school degree with an average amount of intermittency during six years after giving birth to her first child is roughly half the penalty for a college graduate. We also demonstrate the value of using an index to capture multiple ...
FRB Atlanta Working Paper , Paper 2014-23

Working Paper
Family Welfare and the Cost of Unemployment
Hotchkiss, Julie L.; Moore, Robert E.; Rios-Avila, Fernando (2017-09-01)
This paper calculates the cost of an unemployment shock in terms of family welfare. We find that, overall, families face an average annualized expected dollar equivalent welfare loss of $1,156 when the unemployment rate rises by 1 percentage point. The average welfare loss for married families is greater than for single families and increases with education. We then estimate that a 1.8 percent shock to purchasing power would generate the same amount of overall welfare loss as a one-percentage-point rise in the unemployment rate.
FRB Atlanta Working Paper , Paper 2017-7

Working Paper
Bundling Time and Goods: Implications for Hours Dispersion
Fang, Lei; Silos, Pedro; Hannusch, Anne (2020-01-01)
We document the large dispersion in hours worked in the cross-section. We account for this fact using a model in which households combine market inputs and time to produce a set of nonmarket activities. To estimate the model, we create a novel data set that pairs market expenditures and time use at the activity level using data from the Consumer Expenditure Survey and the American Time Use Survey, respectively. The estimated model can account for a large fraction of the dispersion of hours worked in the data. The substitutability between market inputs and time within an activity and across a ...
FRB Atlanta Working Paper , Paper 2020-1

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